RISE Act Rural Innovation and Small Business Expansion Act
Impact
This bill represents a significant legislative effort to address economic challenges faced by rural communities in the U.S. By fostering entrepreneurship, it aims to create jobs and improve economic viability in regions that have historically struggled with access to resources. The collaboration between federal and regional bodies could enhance the effectiveness of programs designed to assist local businesses, thus positively affecting local economies. Reporting requirements set forth in the bill ensure accountability and tracking of success rates, potentially leading to increased future funding and support if the initiatives prove effective.
Summary
House Bill 9166, titled the 'Rural Innovation and Small Business Expansion Act' or 'RISE Act', aims to enhance rural entrepreneurship and small business growth particularly within the Appalachian region and the Delta region. This legislation mandates the Small Business Administration (SBA), the Appalachian Regional Commission, and the Delta Regional Authority to collaborate on initiatives aimed at expanding support for small businesses in these rural areas. The bill specifies that the aforementioned bodies enter into a memorandum of understanding to effectively carry out these initiatives within a stipulated time frame after the enactment of the bill.
Contention
While the bill generally received support from various stakeholders interested in rural development, potential areas of contention could revolve around the management of allocated funds and the means by which small businesses are supported. Critics might raise concerns regarding federal oversight in local business affairs, fearing that such measures might overlook local needs or lead to bureaucratic inefficiencies. Moreover, the necessity of effective coordination between multiple entities poses challenges that may lead to debates regarding the optimal implementation of the proposed activities.
To amend the Small Business Act to reauthorize and modify the Small Business Innovation Research and Small Business Technology Transfer Research programs, and for other purposes.